Nowhere is safe?

[Best-mary]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Edit: ok guys, I have gone through everyone comments and I like the fact we all understand why Security is very much important especially when it involves our assets. Like someone said in the comment section. "When it involves putting our money in BTC, we should be ready to take risk." And this is absolutely right.

So, I bumped into something that is interesting on twitter which I think all exchanges should be putting into practice wether DEX or CEX. I believe with this, 1 quarter of the security breaching would be solved.

https://x.com/bitgetglobal/status/1711319577714708889?s=20

I also hope this would help many people who don't know how to go about with exchanges to use when it comes to security.

Risk is inevitable, but let choose them.wisely!

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[GreatArkansas]

Having knowledge of basic security when using the internet is really a must especially if your money is stored online like cryptocurrencies.
Another thing is even though we know that nowhere is safe even though centralized exchange is reputable, we really still need to protect our funds by avoiding storing your cryptocurrencies on the exchange, you can create your personal wallet.
Another thing is having knowledge abut scams/hacks just like identifying phishing sites or some scams, it is really helpful.

[vv181]

How are regular users supposed to thoroughly assess the security of the platform they are using? Noting some users are fallible with simple scams.

Ensuring platform security by means of simply relying on security audits is also not the surest way to validate the security. One question that arises from OP is, is the frequency of hacks getting more a lot or is it an incompetent cryptocurrency platform fueled by hype that keeps getting popped up? Also, do both things increase linearly?

It's meaningless if the users who barely comprehend cryptocurrency security conduct a full-fledge of the cryptocurrency platform, especially the new one. One surest way in order for altcoins to develop further, I believe, is to trust a long-standing and battle-tested platform and give complete distrust if there is a gullible vulnerability.

[Ben Barubal]

Having knowledge of basic security when using the internet is really a must especially if your money is stored online like cryptocurrencies.
Another thing is even though we know that nowhere is safe even though centralized exchange is reputable, we really still need to protect our funds by avoiding storing your cryptocurrencies on the exchange, you can create your personal wallet.
Another thing is having knowledge abut scams/hacks just like identifying phishing sites or some scams, it is really helpful.

    When I have another crypto on an exchange and it's at a large value, what I do is first transfer it to a wallet where I save an address with a private key. Because I don't have the money to buy hardware yet, I only use the meta wallet first. As long as I'll make sure I have the private key and I also write it down on paper and save it on the USB flash drive, no matter what.

   And so far, so good right now. For at least my crypto assets that are outside the exchange, it's difficult because when there is a hacking issue, I can't release my crypto from the platform because they will suddenly freeze the accounts of their clients for sure.

[Oasisman]

How are regular users supposed to thoroughly assess the security of the platform they are using? Noting some users are fallible with simple scams.

Can't agree more. As long as scams and hacks are still happening frequently, that only means one thing, there are still a lot of people who falls into these.

Now, with those crypto platforms getting their security breached by a hacker causing havoc financially not only for the company but especially with their clients, most of them did not see that one coming. Except for those who are well aware of such possibility to happen so they avoided funding their account with not more than 30% of their total holdings.
Crypto platforms needs to prioritize and invest more on their security rather than the development of it's project, because these are all going to be useless once breached by hackers. However, no matter how thick the security is, nothing can stop an inside job if that is the case lol.

[LogitechMouse]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

If these types of services aren't focusing more on the security of their project, nobody really is safe.
I mean nobody really is safe these days. TBH, I consider the securities of different projects, or exchanges whatsoever as weak ones. I mean they can prevent getting hacked if their security is that strong right?

Research? For me it's useless because you don't know which exchange or project will most likely to get hacked. Binance got hacked, Ronin blockchain got hacked, DEX'es got hacked, and so on, and so forth. I guess let's just accept the fact that these companies doesn't focus that much on their securities, but they're focusing more on the marketing side of things, and when they got hacked, it's either they will reimburse the hacked money, or they will just run.

I guess the best thing to do is to just put our assets in hardware wallets. It's safer out there than storing it on exchanges.

[@sriyan]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

I think crypto is all about scams. Most of the project owners are doing rugpull or exploits them self. Because they need to stole the user's funds. So that's why they are doing this.  When it comes to the galaxy and balancer, same hacker did  this. Because he is always doing front end hack. So he need the entire code base. There may be possibility inside of group member leaked entire code base and DNS information.

[bluebit25]

Everything is only looked back when a problem occurs, it is the wrong user to put complete trust in the playground of some projects, like sitting in a car and thinking it will happen safe.
In space, internet security needs to be a priority at the beginning to avoid mistakes later, but in order for the problem to not be too serious, I think a lot of experience is needed during use.
Through warnings from our predecessors, we can partly understand that problem. The real result is that in recent years, the losses in the cryptocurrency space from hacker attack services have been many. However, they still understand that the market is receiving a lot of attention and there are no new people accessing the internet so it is easy to create attack missions.

[The Future]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Absolutely; I agree with you. Security should be a top priority in the crypto space. The recent hacks like Mixin and Galxe are stark reminders of the risks involved. It's essential to do due diligence on exchanges, whether DEX or CEX, before using them. Protecting our investments is a shared responsibility. Stay safe and informed!

[yazher]

That's why you don't want to stack your crypto inside the exchanges for obvious reasons because you are not always online and when they get hacked you won't get back your crypto also there are tendencies that they suddenly close the withdrawal of their exchanges like what happen to Okex back then but they resume it after weeks of waiting. This is not an easy matter especially when you already have some plan to withdraw your crypto and you find out in the morning it's already gone because of hacking or you can't withdraw it temporarily but you don't know when they resume it.

[$crypto$]

A little extra
HTX (Huobi) hacked $8m
Coinex hacked for $70m

No platform is safe, they always have loopholes even though they have improved their security system, but they are still lucky if they bear all the losses, if they have to lose customers' money without replacement then this is clearly a loss for all of us.

Then why entrust funds to them? It is a centralized platform so it is vulnerable to any attacks, it is better to use a non-custodial wallet for the assets you hold.

[danherbias07]

^True. Nowhere is safe except your own wallet.
This has been said here in the forum for like a million times already but it feels like it's always brand new whenever someone talks about scams and hacks.
Never trust an exchange, use them with what they are meant for. To exchange. They are not wallets, they can easily be gone without our knowledge and some of them are never even traced like bubbles popping in the air.
I learned my lesson a long time ago when I saw one exchange fall. When it comes to projects I think I've had enough tokens in my MEW too that are now useless due to scams. We could minimize the risk with hard research, but it will always be there. We can only ensure our safety to hacks when they offer their own wallet.

[ndutndut]

The safest strategy is not to put all your crypto in one wallet, you should spread your assets across several wallets. Non-custodial wallets have the strongest security because they are not easily hacked. Additionally a non custodial Wallet allows us to have full control over the assets we own by storing passphrases.

In essence, there is no guarantee that you store assets on a platform, even though the success of the platform has been tested, it still does not guarantee that there are no vulnerabilities. On the platform you only save your email and password. So far, many platforms have ended up collapsing, causing you to lose money even though you have taken all precautions to maximize security. Basically there is no way to guarantee security if you store assets on the platform.

[Mpamaegbu]

Never trust an exchange, use them with what they are meant for. To exchange.

This thing is easier said than done. Except you're not a trader, there's no way you won't use exchanges to store some of your coins for trading. You can't be moving a few coins there each time you want to trade and then miss trades occasioned by transfer delays. I guess you could say, move them out once you're done trading. What if a hack happens within the few minutes your coin is just transferred there. This is the risk every trader/investor has to live with in as much as it's online. Offline businesses also have their own issues.

[wajik-tempe]

Never trust an exchange, use them with what they are meant for. To exchange.

This thing is easier said than done. Except you're not a trader, there's no way you won't use exchanges to store some of your coins for trading. You can't be moving a few coins there each time you want to trade and then miss trades occasioned by transfer delays. I guess you could say, move them out once you're done trading. What if a hack happens within the few minutes your coin is just transferred there. This is the risk every trader/investor has to live with in as much as it's online. Offline businesses also have their own issues.

You are quite correct that securing security in the crypto realm may be a difficult task, especially for busy traders. With a private wallet, you reduce your vulnerability to potential hackers while maintaining the freedom to trade effectively. For further security, use two-factor authentication (2FA) and consider adopting respected security features like as hardware wallets.

[abel1337]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

I believe that no system is safe, every system has a chance to get hacked by a good hacker. Though having a tight security makes it hard for a hackers to hack the system. Most of the reputable websites has a good security until they are hacked, I think the only thing you can do if you want to research about the system security is to search about the past incidents of that website and the available information of how does the website maintain their security. I'm talking about DEX, CEX, crypto crowdsourcing website or any crypto related stuff. It's hard to find information over the internet about security of each website in my experience. The only thing you can do is to secure your own assets in your own non-custodial wallet also carefully manage the external wallet access on your wallet if your wallet have one.

[Wiwo]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Exchange hack shouldn't be a big bag on investors if only you only invest by just buying and holding in your own wallets,  this way you alone become the custodial of that wallet and also control your security taking your investment from the exchange should be a must-do at whatever point to sustain and secured your coins.

It's quite unfortunate that after all the warnings that have been given to cryptocurrency investors on the danger of leaving their assets on an exchange be it centralized or decentralized exchanges because the first attack on your asset is that the exchange holds your coins and you can't control the wallet since you don't have private keys to exchange wallets,  that alone is a big risk for investors.

[FahriZah]

Keep it on always mind never shearing your important documents to others people's because it will be leaking your pash and others mail and password than was hacking and another one important think never use any unsafe vpn to using your wallet it will be harmful to your privacy also.

[Yaunfitda]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

In both cases though, we can't do anything about it since it was the platform that is getting hack not our accounts. However, there are layers of security that has been put up to help us not get our accounts to be compromise, like 2FA and others. So in our end, we should practice security hygiene like

- not clicking on any link specially if we don't know the source, it includes email and even text message
- update our OS and A/V
- get hardware wallet if we can
- don't write or save your mnemonic code or private code in your machine or in the cloud

So there's a lot of responsibility here, don't trust anyone and if you can, have a separate machine for your crypto activities.

[GeorgeJohn]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

I don't really know how hackers use and penetrate to some websites, and secondly many people who built websites do have antivirus and anti hackers in same websites, I don't if their sites now doest not have an anti hackers, sometimes when issues of hacking a websites occur their is every tendency that someone working in the website is the one that review the secret of the website, because I know quite that it takes hackers some duration before they can penetrate into websites, so therefore the problem of any website start with the developer of the site or their team of anti hacker is not being strong.